tv Countdown to the Closing Bell With Liz Claman FOX Business October 4, 2016 3:00pm-4:01pm EDT
balanced. we cover both sides of the issue critically. you may not always like it, but we promise you, you will always hear both sides. we will always be fair and objective. don't forget, make sure you tune in tonight, mike pence-tim kaine, going head-to-head. liz: i know you've been watching this closely. we have a scary kickoff to the month of october. an afternoon sell-off gaining steam, stocks are falling along with gold prices. the dow jones industrial average down 136 points. the markets are on the move ahead of the vice presidential debate in farmville, virginia. you are looking at live pictures of longwood university's willett hall where they will be making final walk-throughs. the vp contenders tasked with introducing themselves to america while defending running
mates from the opposing side. campaign trail is stacked ahead of tonight's festivities. hillary clinton in pennsylvania as new polls show her taking a slight lead. donald trump heads to arizona to solidify a state once all covered in red. our political panel and fox business' team in the field break it all down. that deadly hurricane blasting through the caribbean may have sights set on the u.s. mainland, but where exactly? we're going to follow its track and show you what you need to know about matthew before it's too late. death by hacking, it could happen to diabetes sufferers. battery life of google's new smartphone and wells fargo victim comes forward to tell fox business i'm suing and suing big. less than an hour to the closing bell. let's start the "countdown." breaking news, a perfect storm brewing on wall street and in the caribbean. to the markets first, we've got
three dark clouds weighing on stocks at this hour. first no matter how many clients try to talk up deutsche bank's solvency and strength, investors still anxious, folks, they're awaiting the dollar figure of a potential settlement with u.s. regulators, will it be 4 billion? 14 billion? as soon as we know we'll let you know. the fed sending a chill down investors' spines after two officials make strong cases for rate hikes as early as next month. and to number three, hurricane matthew is plowing past jamaica. look at twister, the waterspout off the coast of jamaica, now through haiti, heading to cuba ready to strike florida with deadly force. these names have heavy exposure to the southeast coast all are lower, universal insurance holdings, hci group on fears of possible damage from the possible hurricane.
precious metals are losing glimmer specifically gold tumbling more than 3%. touching lowest levels since late june. a stronger dollar dimming gold's shine, the dollar gets stronger when fed heads talk about whether we should raise rates sooner rather than later. gold stocks are taking a nosedive, looking a double-digit percentage declines right now, as you can see, we have imauna and kimroth down. we have team fox business coverage on all of it. connell mcshane at the debate site in farmville, virginia. peter barnes from d.c., and lori rothman watching the markets from the floor of the new york stock exchange. start the clock. t-minus six hours away from today's vice presidential debate. pictures from inside the debate hall, and again as we mentioned
this is longwood university in farmville, virginia, where tonight's highly anticipated vp debate will take place. america will get its first and only glance at the republican vice presidential nominee mike pence and democratic vice presidential nominee tim kaine as the two square off in 90-minute debate amid new controversies surrounding both campaigns. the debate is divided in nine segments of 10 minutes each. we can anticipate fire works and can the vice presidential debate change the trajectory of a presidential race? take it to fox business' connell mcshane standing outside the debate hall in farmville.
doing predebate spinning, john podesta s ing court and the pressure is on governor mike pence of indiana after the performance from donald trump in debate number one on the presidential side. he says that pence has to change the narrative and as he put it to us reporters he has to, quote, defend the indefendantible talking about the twitter war as he put it between donald trump and the former miss universe. expect a lot about the taxes. the number twos will be center stage. as for mike pence, we'll have video of him moments ago wrapping up walk through, getting a sense of what the stage will look like with quijano and kaine sitting at that table and talking for 90 minutes straight. he gave us a preview in his own campaign rally in the state of virginia what he would like to focus on.
he wants to talk a lot about hillary clinton's record on con kaine saying he's been a tax cutter in the state of indiana while kaine was a tax the focus from all indications will be on the top of the ticket. back to you. liz: thank you for being right there to give us the windup, the battle between the vice presidential candidates is not the only focus of the campaigns today. both donald trump and hillary clinton are making several stops on the campaign trail as a new "quinnipiac poll," a bunch of them in key battleground states are giving hillary a slight edge over opponent following last week's debate. five days until the next debate how are hillary and donald -- are we on a first name basis? >> definitely. liz: clinton and trump getting the attention of the voters. get on mr. barnes, you and i
are on first name basis here. peter, look, with hillary taking a slight lead over the polls with donald, how are both candidates looking to get an edge over the other? it gets to that point, minute-by-minute? >> that's right. they're trying to get momentum and top spin out of their debate, and remember, after tonight's debate with the vice presidential candidates, they debate again this coming sunday, liz, they're trying to stick to the themes, trump holding a rally last night in colorado which he defended tax practices and then basically called hillary clinton, said she was running a criminal enterprise of some kind, and hillary clinton, though, getting some traction on this issue of trump insulting women. so let's look at the "quinnipiac poll"s on the key battleground states and drill into those. clinton leading trump in florida by five points. in north carolina by three. that is within the margin of error in this poll. trump is beating her in ohio
and she is beating him in pennsylvania by four, that is also within the margin of error. the new monmouth poll has her up by 10 in pennsylvania where she was campaigning today. in that poll, she made big gains against trump among white women voters, going from even with him at the end of august to now 20 points ahead of him among those voters. monmouth says her charges that he insults women is sticking, and she did not ease up on her attack today. >> my opponent insulted miss universe. [laughter] >> how do you get more acclaim than that? but it wasn't good enough. so we can't take any of this seriously anymore. we need to laugh at it. we need to refute it. we need to ignore it, and we need to stand up to it. >> reporter: we're awaiting
more remarks from donald trump in colorado, and then later he heads to arizona where he holds a rally tonight, liz? liz: peter, thank you very much. and by the way, we're keeping an eye on what's going on in pennsylvania because hillary clinton will be speaking momentarily, and, of course, in less than six hours, kicking off coverage of the debate. lou dobbs starts it off, 7:00 p.m. eastern followed by neil cavuto at 8:00 p.m., "coast-to-coast" from the pregame to the spin room. there is no reason you need a remote control to your tv. stay right here on fox business. we got a big debate brewing between the federal reserve and the imf. the international monetary fund is jacking up its inflation forecast, blowing past the fed's own target, the fed says 2%, the imf says 2.3%. the imf says quick, raise rates before it's too late. there is this, the imf is downgrading forecasts for u.s. and global growth. to lori rothman on the floor of the new york stock exchange.
i'm sure that is casting a shadow on stocks but so are a couple other things? >> reporter: earlier this morning, you mentioned the deutsche bank and expectation of lowered fine by u.s. government officials, so that sort of counted for the back and forth, if you will, and so the catalyst a lot of analysts are saying shifted from the direction of oil prices and now to whatever happens with deutsche bank, which leads to the imf, it talks about the uk, obviously, post-brexit and did downgrade the u.s. forecast on growth to 1.6% from july amid a 2.2% for what it's worth, the first half gdp came in over 1%. the market crashed coming down 100 points an hour or so ago, and a lot ofheolks are looking to the ecb, and media reports suggesting the sneb latest minutes talked about the possibility of beginning to taper quantitative easing program.
so right now the ecb is buying 89$89.7 billion worth of bonds each month, and we've seen a hike in interest rates, the uk rates and the benchmark ten-year treasury up at my last check, 1.68%. that's a 5-basis-point move to the upside. we can look at the u.s. dollar, rising against the pound because of the news coming from the ecb and the brexit and what have you, so that's sending gold over a cliff, and it's weighing on the gold miners today. gold at lowest levels since june, and there's the pound, also having a tough day. really selling off, and the greenback is benefitting from that. back to you. liz: that's a three -- sorry, a 31-year low. three decade low for the uk pound. a lot going on that we're watching. i think you're right, gold can't find a floor. right now, no matter what scary news is out there, that would
have been a flight to quality. and silver is falling as well, correct? >> especially with the imf increasing inflation forecasts. gold is a hedge against inflation, i was surprised to see the move down in gold, when you lookt what's happening in europe, you have to look at global picture here, that's why the dollar is benefitting and gold is suffering. liz: thank you very much. i wish you had better news. we're watching it all. not great news for minnesota mining and manufacturing with the closing bell 48 minutes away, it is the laggard for the dow industrials but have the financials at the top, jpmorgan and goldman sachs leading the charge. biting the hand that feeds her, hillary clinton slamming wells fargo as a bad actor at the same time the bank's biggest investor raises campaign cash for her. charlie gasparino on warren buffett, the clinton campaign and hillary hypocrisy. that's next. google snapping teeth at apple going head-to-head in hardware.
on a perfect car, then smash it into a tree. your insurance company raises your rates. maybe you should've done more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claims centers are available to assist you 24/7. call for a free quote today. liberty stands with you™. liberty mutual insurance.
we should point out that, warren buffett has made it known how much he supports hillary clinton over donald trump. he is supporting many of her tax proposals. they are kissing each other, hugging each other. he supports much of her class warfare rhetoric, in the final stages of the game, the bank of america scandal. liz: wells fargo. >> please. i don't want to get sued here, the wells fargo scandal into a political talking point. the fact they put pressure on employees, they were forced allegedly to open up fake accounts or accounts in people's names they didn't he no. very bad stuff.
she is using this as political battering ram. the hip pock -- hypocrisy comes in two forms. she has not brought in warren buffett's name. you would think she could go to the largest shareholder, very out front in of corporate governance. we put in calls buffett what he is doing vis-a-vis her. whether she has spoken to him. we have got nothing back. this is one of these conflict of interest stories. she can go to the lead shareholder do something about what she is essentially arguing is that but one of the things she is arguing that the people that were ripped off should not have to go to arbitration to get their money back. somehow they should be able to sue wells fargo. liz: just to be clear, arbitration prevents the individual from joining a class-action lawsuit. >> right. liz: they have to work with mediator. >> instead of suing, right?
warren buffett could come in and, theoretically do something about that you would think as largest shareholder or, she could have open voice. so, she is not doing that we should point out arbitration has existed forever on wall street. it predated this scandal. it was there when her husband was president and her husband and she were very friendly to wall street both when he was in the white house and she became senator fr n york. she was very tight with wall street firms. this is interesting story. you have hypocrisy a lot of different ways. you spoke with warren buffett. liz: then he spoke over at cnbc. >> he didn't say much, he basically confirmed my story he had a conversation with stumpf where he expresses displeasure at the scandal. and how he is handling it. he hasn't really said much about this because it is, he afraid it would hurt her. while he is not saying much about it, he is not saying much about it --
liz: he is raising so much money for her. >> you know, i think they both get cut a break from most of the media. i like buffett. you like buffett. hillary clinton i couldn't, i have no really animus towards her but this is big-time hypocrisy. both need to be called on the carpet by the media bit. we're trying anyway. liz: charlie. >> thank you. i won't curse. liz: keep it clean. >> holy moly. liz: by the way, wells fargo. not just a campaign topic. banks dealings and problems people are calling shady are causing serious real world harm. we have one man, one customer, who got extra wells fargo account that he never requested. hell hath no fury he is the one leading the class action charge but will arbitration prevent him from doing that he says no. he is forging ahead. that is coming up, charlie. markets down 110 points for
dow jones industrials. we're 38 minutes away from the closing bell here. the first major corporation warning of a possibility of death by hacking. diabetes patients at risk of cyber attacks? this is a story ripped straight from an episode of "homeland." you have to hear it. the fear and fix ahead. hurricane matthew, look at it now, striking with deadly force, plowing through haiti and cuba and heading far the bahamas, possibly even the usa. live update on latest of hurricane matthew. the watch, warning and the track. that is next on "countdown." you can run an errand. (music playing) ♪ push it real good... (announcer vo) or you can take a joyride.
it begins from the the second we're born.er. because, healthier doesn't happen all by itself. it needs to be earned every day. using wellness to keep away illness. and believing a single life can be made better by millions of others. as a health services and innovation company optum powers modern healthcare by connecting every part of it. so while the world keeps searching for healthier we're here to make healthier happen.
(announcer vo) you can commute. (man on radio) ...40! no flags on the play! (cheering) (announcer vo) or you can chest bump. yo commute, we got serious game. siriusxm. road happy. liz: johnson & johnson issuing what is thought to be the very first warning of death by hacking. not just your phones, emails and bank accounts now. patients with insulin pumps are at risk of being hacked to death.
j&j reporting after cybersecurity bug in their insulin one touch pump. that is hacker could tap into the pump and overdose diabetic patients that sound crazy. the company says, hacking risk is low but they want people to be aware of it. not just first time this worry came up. we learned of possible bubbings in pacemakers and defibrillators. they believe this is first time manufacturer issued a warning to patients about cyber vulnerability. j&j shares stable at the moment. unstable is the storm heading up the eastern seaboard or at least toward it. south carolina governor nikki haley, you're looking at live news conference. this is the south carolina emergency operations center in west columbia, south carolina about the impact to the state. they said we don't want a malfunction junction. they will be issuing lane
reversals to get traffic away from the coast. this will involve the i 246 corridor -- i-26 corridor, areas near hilton head. they want people moving away from the coast. the state is closing government offices and schools and people to evacuate their homes. why? at least three people are already dead after the hurricane pounded the caribbean island of haiti. the extremely dangerous storm remains strong. about an hour ago, the storm center was about 55 miles south of the eastern tip of cuba. it is expected to hit that land mass later this afternoon. florida residents right now are stocking up gasoline, propane, wooden boards, as hurricane watch issued for parts of florida's coast. which means hurricane conditions could hit the u.s. coast within about 48 hours. the u.s. navy is making preparations for three norfolk based ships to get out there to help with relief from the caribbean once the storm passes over. get to fox news's steve harrigan.
live from miami beach with the latest on the storm path. what some, steve, are looking for. that could be a very dangerous storm. reporter: that's right. the storm has already been deadly. no idea how deadly it's been. haiti got hit hard, but even the interim president is saying he doesn't know how hard. three people killed but likely, many, many more. it was at dawn today when the eye of that storm as a category five, 145 miles per hour winds, 10-foot storm surge and three feet of rain hit the southwestern tip of haiti. from there it moved on northward to cuba. 180,000 people evacuated from cuba. 700 americans from the u.s. naval base at guantanamo also evacuated. the storm continues destruction as it moves north. the real question when it will do the east coast of united states and particularly here in florida. the governor already issued a state of emergency here in florida. there are tropical storm watches and hurricane watches along the
east coast of florida. a lot of tour rifts here trying to figure out just should leave. -- tourists. there are a lot of new residents in the state. the governor warned. there has didn't an hurricane on this coast, major one in 10 years, a lot of "people" new to hurricane exposure. he wanted them to expect worst case scenario. they have stocking up on bottles of water and gasoline and heading to safety. liz: steve harrigan live in miami. closing bell 29 minutes away. wells fargo pile-on keeps getting bigger after ceo john stumpf takes his licks on capitol hill last week. victims of it the fake account scandal are coming forward and and fighting. fox business exclusive, a customer who became a victim. how he was scammed. boy, how he is fighting back. you're looking life at willet
hall in the campus of longwood university where governor mike pence and senator tim kaine are set to do battle in only vice-presidential debate. what is the top priority for each? will they talk about what they plan to do or defend their own candidates? jessica ehrlich and deroy murdoch coming up. the dow is fighting, only down 85 points from 110.
to a crowd in harrisburg, pennsylvania, ahead of her running mate tim kaine's first debate tonight with mike pence. first and lance because there is only one. president bill clinton is heading to steubenville, ohio, in just over an hour. elizabeth warren is speaking in las vegas tonight. bernie sanders is heading to duluth, minnesota. donald trump spoke in colorado a few hours ago, saying hillary clinton will destroy businesses with heavy regulation. trump is preparing for a rally in arizona tonight. as we crisscross the globe or at least the uned states, joining now, democratic strategist jessica ehrlich in florida, and fox news contributor deroy murdoch here in new york to tell us what to expect from tonight's debate but also how the landscape of the campaign trail is shifting ahead of election day. okay. jessica, start with hillary clinton. she has a lot of people fanning out right now. what do they need to say at a time where her running mate is getting up and getting ready to debate? >> i think what they're doing is
really just hammering away of all the incidents happened in last two weeks with donald trump making sure people are getting motivated that is the one of the largest things we need to see on election day and currently right now. in a lot of states ballots have gone out for people that do mail-in ballots. there are some close states like florida, like ohio. even in pennsylvania and key must-win states for whoever is the next president. they're fanning out across the country. even in nevada we're seeing close race there. we are states with electoral votes next president must win. they're ginning up excitement. liz: there is tim kaine outside of the debate venue. looks like jovial atmosphere. tim kaine is not a stranger to debates and neither is
donald trump's running mate, mike pence. deroy, what do you expect tonight, these are established governors who have a lot of experience running states and balancing budgets. >> these people know a lot about policy one was senator and governor and one congressman and governor. so they know policy well. liz: will they be in position not to talk about their expertise and defend all the attacks against their candidates? >> i think they will do some of that. i hope they talk about specifics. i think mike pence can do that very well. he used to run a think tank. he is serious about policy. we talked about taxes. he and donald trump have plan to cut taxes, bring top corporate rate down from 35 to 15. cut taxes across the board and deregulate and do things for the economy. we gotten sidetracked talking about beauty queens and that nonsense. we have to concentrate on what is good for the economy and trump and pence have good message and they node to focus on that.
liz: we swing state polls. we know them women. they are florida, they are ohio, pennsylvania and north carolina. hillary leading in north carolina and pennsylvania. jessica, you're in florida. she is leading 46-41. trump is leading in ohio 47-42. what do you make of this kind of movement because we've seen a losting to felling back and forth? >> -- a lot of toggling. >> we've seen a lot of movement. vp debates not so much. we'll see focus on policy if people are tuning in. that may make a difference. next debate may make a difference. especially the state of florida and i am, the i-4 corridor which is the main zone for not only state of florida but really similar cross-section what you're looking for in the rest of the united states. we have a large percentage of women who vote here.
we have a mixture between younger millenial students and those who are retired. we have a large hispanic population moved into central florida. so these are the people that have to be, whoever will be the next president, they have got to focus on those voters. liz: deroy? >> i think it is interesting in this race you've seen it go up and down. i think it will go up and down, back and forth. the best thing donald trump can do, follow example of hillary clinton, take a cell phone, destroy it with hammer. stay off twitter and be very, very specific and very concrete about the specific things he can do. the theme should be basically obama's been bad. hillary will be worse. i'll make it better and talk about specific policies to bring the economy up and create jobs and keep us safe from people wanting to kill us. liz: stay on the message. vice-presidential candidates, what they say about these guys, they often can't help but sure can hurt you if they have a misstep. we're watching on fox business. jessica, deroy, thank you very much. we appreciate you being here. tonight, really kicks off at 7:00 p.m. stay right here.
lou dobbs, neil cavuto all the way through with team fox business. we're 19 minutes before the closing bell rings and the s&p now is down eight points but we've come up well off the lows at the moment. another one of america's biggest banks is charged with faking accounts for cash and prizes this time. well, we'll tell you which bank that is and is it the next wells fargo? speaking of wells, the wells fargo lawsuit, lawsuit after lawsuit piling up on to the bank's shoulders, lap, head, in the wake of the phony account scandal. we have got the former customer who got sucked into the scam and his attorney who are spearheading a $10 billion clash action lawsuit against the beleaguered bank. we're coming right back.
you shop online for the best deals on electronics, travel, even shoes. so why not loans? visit lendingtree.com today and get up to five free loan offers from competing lenders in under two minutes. then pick the best deal on mortgage loans, auto loans, personal loans, and a whole lot more. if you choose a loan, the lender pays us. that's how lendingtree® is completely free for you. and it's so easy you can do it right from your phone, right now. lendingtree®. when banks compete, you win. approaching medicare eligibility?
you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or
hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪
liz: take a look at your screen. harrisburg, pennsylvania. can we take a shot of that? hillary clinton is just deplaning at the moment. she is getting off of her plane in harrisburg. she will be speaking there. this of course on the eve of her big moment for her running mate, tim kaine, who will face off against mike pence, donald trump's running mate. nice shot. just when you need it, not there. by the way, we also have this, trump just tweeted, quote, i will be watching the great governor mike pence and live tweeting the vp debate tonight starting at 8:30 p.m. eastern. enjoy. donald trump will be live tweeting the event. let us get to this story. i'm not going to make people happy, another financial giant, another one, is in trouble for something eerily similar to what got wells fargo in hot water. the state of massachusetts charged morgan stanley, with quote, dishonest and unethical conduct.
according to a court filing the bank reportedly pushed unwanted financial products and, yes, all kinds of things, on to customers in order to boost business. for 16 months sparked two contest where winners won up to $500 in cash depending how many accounts people opened that really didn't want them. morgan stanley says we object strongly to the allegation. the complaint is without merit. morgan stanley intends to defend itself vigorously. to wells fargo. last count, you know what? here is what that kind of thing receipts. three class action lawsuits. at least so far that's how many have been filed against wells fargo totally $20 billion. outraged former employees, shareholders and customers are all banding together in groups as victims of the wells fargo phony account scandal. lofty sales goals as you remember, pushed employees to
open fake accounts for people who did not want them or authorized them. employees were fired and customers charged fees that wreaked havoc on their credit scores. aaron brodie got sucked into the scandal all the way back in 2011. he is joined by his attorney steven chris -- christensen. tell us exactly what happened, your story, being a customer at wells fargo. >> in 2011 i opened an account with wells fargo, the checking account. the bank also open ad credit card in my name. never authorized it. i let him know at the time. come to find out he told me there would be no consequences with it. i could cut the card up, never use it, nothing would happen. come to find out late i received mailers from wells fargo as well as third party collection company. they basically told me that i was in default because i had
fees that were never supposed to have happened. and they basically weren't able to help me because they sold it to a collection company. i went into the branch to explain what happened to them. they said they couldn't verify i authorized it or not. the person who made the account was no longer with the company. liz: i see. so they said we, we can't believe when you're telling us because the guy who allegedly sold this to you isn't here. who knows, maybe that guy got fired. seems like a nightmare. so how bad did it get for you? did it hurt your credit score? what happened? >> it's been with me for a while. i've tried to negotiate back and forth with them to figure out what i can do to fix it. it hurt my credit score. i'm recently married trying to buy a house. essentially had to consult with a credit repair company to fix my credit. they said it has knocked my credit down 125 points because of wells fargo. liz: that is a disaster. steven, you're banding with him,
you have filed the class-action lawsuit on behalf of customers. how many people have joined this? >> well, at this point we have a little over 150 people. liz: customers, right, from all over the nation? >> customers. from all over the country, yes. liz: and what is the value of this? i understand you're filing $10 billion lawsuit? that seems huge. what do you hope to get out of this? >> well, it is our opinion that -- liz: besides money. >> the past fines have not deterred wells fargo from their conduct. they have engaged in the same conduct for years and years, and unless someone takes the, approach that they need to understand, they need to stop their unethical, illegal activities, they will continue it because it is cheaper to do business as usual than follow the law. liz: you know, aaron, you could
maybe get a payback, ceo john stumpf got up on capitol hill said we'll make things right. we'll pay back what aaron brodie and what everybody else lost around you can go on your way and maybe help you fix your credit. why pursue the class-action suit? what do you, as just one person in the whole world in the system, hope to really glean from this beyond money. i stress money because a lot of people paint class action participants oh they're just money hungry. what do you want people to know about your experience. >> as far as money goes i'm really not seeking, that is not my main goal. i want wells fargo to be responsible for what they did, not only to me but millions of customers, people affected with their credit, for myself because of that credit i had to pay higher downs on things for years and years just because they wanted to do this fraudulent practice. liz: you're a perfect example of why and how this has affected so many people.
yet there may, mr. christiansen be a real wall standing between you and a possible suit because of the fine print. you know on september 29th, "the washington post" had a headline, why customers of wells fargo won't be able to sue because there is that arbitration clause in there that would basically ban customers from taking part in class-action suits. how are you getting over that or around it? senator sherrod brown of ohio making sure you guys have a clear path but now you don't? that is correct. there is a provision that says, in the fine print that the customers agree to this arbitration agreement. in reality, many of the clients that we have did not sign those agreements. liz: oh, okay. because he never filled out an application so how could he have signed agreement. >> that's correct. it is impossible for them to have agreed to something. it requires meeting of the
minds. there wasn't a meeting of the minds. additionally, it's illegal and unethical to assume that you sign an agreement for banking services, yet, they can conduct fraud, they can conduct identity theft, and then force you into an arbitration agreement which can be inconsistent and two million arbitration agreements is going to take 20 years to go through. liz: i see. listen, you guys come back. we're following this story. we're on this story. >> we appreciate it. liz: okay. aaron you come back. >> thank you for having us. we want to follow to see what happens. aaron brodie, attorney, steven christianson. low of the essential. we were down 13. we were down 13. stay tuned.laying) we're -- 137.ea stay tuned we're coming right back. bye, errands, we sing out loud here. siriusxm. road happy.
about this wikileaks founder julian assange promising a october surprise today. that was kind of a letdown for people expecting all kinds of fireworks but there may very well be other october surprises brewing for markets. let's bring in russell markets strategist steve wood. what other october surprises? we're seeing a bit of a surprise with the market down 93? >> i think the surprise what the fed does. there is political headline risk. there is european headline risk. really you have to follow the instruments and federal reserve we think will move in december. liz: 61%. that is up 10% week over week. >> i think could be higher percentage probability they move. what the federal reserve does will be most important factor people look in the portfolios. the economy is growing okay. we think the fed will be one and done in december. that is something we're keeping our eyes on this month. liz: let's say they do hike, a
teeny, tiny bit, short-term gyration, what do you tell clients to do with the money, knowing there could be a move in december? >> we think there will be a rate hike. u.s. economy will be okay. we don't have look out below!, but united states in terms of stock market valuations, telling clients for number of quarters they want to ring the register a little bit. it has been a great seven years in u.s. equities. trim back profits, predominantly in europe where valuations -- liz: even a day like today on the market, at one point was down 150 points? you don't want to sell into a down move, do you? >> not long term look at valuations in europe are attractive around the world. you're getting a lot better bang for your buck. you don't want to stay in the party but it is not a negative u.s. call but book profits and look for other companies. >> liz: his company has
244 billion in assets they handle. russell investment group. steve wood. market lower for the second straight day. [closing bell rings] market surprises we can live without these, right, david and melissa? david: indeed we can. stocks ending the day in the red for the second day in a row, down half a percentage point. fighting to end off session lows. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we've got you covered on all the market movers but first here is what else we have for you this hour. the vp picks are set to duke it out hours from now. it is the one and only opportunity to face off in front of america. mike pence and tim kaine looking to make a big impression with the election five weeks away. hurricane matthew pounding haiti as a powerful category 4 storm. the east coast on high alert as the storm heads north. we have at live update from florida where preparations are underway. illegal use of taxpayer